In the first half of 2024, Bolivia's insurance market showed varied performance across different segments. The overall intermediated volume reached USD 243.6 million, reflecting an annual growth of 11.4%. Life insurance experienced significant expansion with a 19.8% increase, reaching USD 154.9 million, while the general insurance segment saw a minor decline of 0.9%, totaling USD 85 million. The bonds segment grew by 3.9%, amounting to USD 3.7 million.
Focusing on the specific coverage types, mortgage life insurance registered the highest volume, with USD 115.3 million, up 14.7%. Personal accidents coverage declined by 11.3%, totaling USD 2.8 million. Auto insurance, another major segment, remained stable with a 1.1% increase, reaching USD 26.5 million, while general fire insurance declined by 7.8%, totaling USD 9.4 million. Health insurance grew modestly, up 3.5% to USD 12.7 million, while various risks decreased by 4.8%, reaching USD 16 million.
Focusing on the specific coverage types, mortgage life insurance registered the highest volume, with USD 115.3 million, up 14.7%. Personal accidents coverage declined by 11.3%, totaling USD 2.8 million. Auto insurance, another major segment, remained stable with a 1.1% increase, reaching USD 26.5 million, while general fire insurance declined by 7.8%, totaling USD 9.4 million. Health insurance grew modestly, up 3.5% to USD 12.7 million, while various risks decreased by 4.8%, reaching USD 16 million.
In terms of market share, the top five insurance brokers controlled 55.8% of the intermediated premiums. Consultores de Seguros led with an 19.3% market share, followed by TuBroker 17.7%, and Universal Brokers with 13.1%. The top five insurance companies commanded 87.7% of the market, with Nacional Seguros at the forefront with a 28% share, followed by La Boliviana Ciacruz (24.3%) and Alianza (22.7%).
Life & non-Life insurance intermediated premiums - Market share growth ranking by Insurer
Non-Life insurance intermediated premiums - Market share growth ranking by Broker
Life insurance intermediated premiums - Market share growth ranking by Broker
In the life insurance sector, Consultores de Seguros recorded the highest quarterly growth in market share, gaining 1.96 percentage points. Universal Brokers followed with a 1.53% gain, while Sudamericana Corredores grew by 0.66%. For non-life insurance, ASESOR saw the most substantial growth with a 2.25% increase, while Estrategica gained 1.77%. Sudamericana Corredores also made significant progress, expanding by 0.72% in this segment. The overall competitive landscape indicates a robust market where a few key players dominate, but emerging brokers continue to gain ground in specific niches.
